The stock of First Quantum Minerals Limited (TSE:FM) gapped down by $0.35 today and has $13.99 target or 6.00% below today’s $14.88 share price. The 6 months technical chart setup indicates high risk for the $10.19B company. The gap down was reported on Nov, 29 by Barchart.com. If the $13.99 price target is reached, the company will be worth $611.40M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 1.09 million shares traded hands. First Quantum Minerals Limited (TSE:FM) has risen 85.83% since April 25, 2016 and is uptrending. It has outperformed by 80.57% the S&P500.
First Quantum Minerals Limited (TSE:FM) Ratings Coverage
Out of 15 analysts covering First Quantum Minerals (TSE:FM), 6 rate it a “Buy”, 5 “Sell”, while 4 “Hold”. This means 40% are positive. $20 is the highest target while $3.50 is the lowest. The $11.92 average target is -19.89% below today’s ($14.88) stock price. First Quantum Minerals has been the topic of 65 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock with “Sector Perform” rating in Thursday, July 21 report. Goldman Sachs downgraded the shares of FM in a report on Friday, July 24 to “Neutral” rating. The rating was maintained by TD Securities with “Buy” on Friday, August 7. The stock of First Quantum Minerals Limited (TSE:FM) earned “Market Perform (Speculative)” rating by BMO Capital Markets on Thursday, February 18. On Friday, July 8 the stock rating was downgraded by Berenberg to “Sell”. Raymond James upgraded the stock to “Strong Buy” rating in Friday, December 4 report. The stock of First Quantum Minerals Limited (TSE:FM) has “Overweight” rating given on Wednesday, October 7 by Barclays Capital. RBC Capital Markets maintained First Quantum Minerals Limited (TSE:FM) on Tuesday, October 6 with “Sector Perform” rating. As per Tuesday, January 12, the company rating was downgraded by HSBC. On Friday, July 29 the stock rating was maintained by Scotia Capital with “Focus Stock”.
More notable recent First Quantum Minerals Limited (TSE:FM) news were published by: Business.Financialpost.com which released: “First Quantum Minerals Ltd issues ‘going concern’ warning amid high debt, weak …” on February 19, 2016, also Business.Financialpost.com with their article: “First Quantum Minerals Ltd upgraded to buy as liquidity improves” published on July 20, 2016, Moodys.com published: “Moody’s downgrades FQM’s CFR to Caa1, senior unsecured notes to Caa2; negative …” on January 08, 2016. More interesting news about First Quantum Minerals Limited (TSE:FM) were released by: Business.Financialpost.com and their article: “Teck Resources Ltd and First Quantum Minerals Ltd upgraded at Canaccord” published on July 25, 2016 as well as Business.Financialpost.com‘s news article titled: “First Quantum Minerals Ltd sells Kevitsa mine in Finland for US$712 million to …” with publication date: March 10, 2016.
First Quantum Minerals Ltd. is an international mining company. The company has a market cap of $10.19 billion. The Firm is engaged in mineral exploration, mine engineering and construction, development and mining. It has a 23.54 P/E ratio. It produces copper in concentrate, copper cathode, nickel in concentrate, gold, zinc, platinum-group elements and pyrite.
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